Kent Larsson writes about the proper use of wills, advance directives, trusts, and other estate planning tools, and how how they play a vital role in you receiving proper medical care and helping you to preserve and pass on your assets to your loved ones.
Common mistakes are often mentioned over and over again.
There are common mistakes in estate planning that are not often mentioned, despite the fact they are made over and over again, according to the Ithaca Times in "Key estate planning mistakes to avoid," including:
• Forgetting to update an estate plan when a spouse or child passes away. It might not be the best time for you to change your estate plan, especially given everything you are going through. Not doing so, can result in problems later.
• Not reviewing and updating retirement plan and insurance policy beneficiaries for years.
• Many people have the mistaken belief that if they have a will, then their estates will not go through probate. That is almost never the case. If your objective is for your estate not to go through probate, see an estate planning attorney to learn how to accomplish that.
• People too often assume that once their children reach the age of 18, they will be able to responsibly handle any inherited assets. That may not be the case. You should plan for any minor children to have assistance with assets for longer than that.
An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and helps you to avoid some of those mistakes as well.
Reference: Ithaca Times (Nov. 8, 2017) "Key estate planning mistakes to avoid."